Yesterday, Spring Creek Capital Corporation announced the sale of their 30 percent interest in Eco Blends, Inc. through a termination agreement executed May 21, 2010. The termination agreement calls for Spring Creek to sell their shares of Eco Blends, Inc. This is in addition to withdrawing their representative from the Eco Blends, Inc. Board of Directors as well as terminating their existing consulting and investment agreements with Eco Blends, Inc.
Eco Blends, Inc., in exchange, granted to Spring Creek a royalty-free, perpetual, transferrable license to use all formulations of the patent-pending, DEET-free insect-repellent developed by Eco Blends, Inc. The insect-repellent sells in 1,400 stores nationwide.
Eco Blends, Inc. will retain their trademarks and names. For twelve months following the agreement, Eco Blends, Inc. has agreed to assist Spring Creek with suppliers of raw materials, product design, and marketing. They will also make their facilities and personnel available for limited production runs as Spring Creek develops their own branding.
Eco-Blends® is an insect repellent that consists of a unique blend of essential oils and naturally occurring ingredients. DEET-free Eco-Blends® utilizes a formulation developed using the background of their founder’s Native American heritage. The result is a product of essential oils that would naturally deter insects without harmful chemicals.
Kelly T. Hickel, Chairman and CEO of Spring Creek Capital, said, “We are pleased with the results of our negotiations with Eco Blends, Inc. and believe this outcome represents a unique marketing opportunity for Spring Creek. With our expertise in the healthcare industry, we are confident we will be able to effectively utilize our perpetual rights to the Eco Blends, Inc. formulation using our own unique branding and marketing initiatives.”
Spring Creek Capital Corporation is a healthcare solutions company. Their business plan is distributing innovative solutions for the medical, pharmaceutical, and healthcare markets to resellers and consumers globally. The Company pursues emerging opportunities in the healthcare industry. They choose young start-up and micro-cap companies with innovative concepts. They proceed to launch these products and services utilizing the marketing distribution network of Spring Creek’s principal subsidiary, Stratis Healthcare Inc.